Friday’s trade continued to see higher volatility moves in both directions.  The Elliott count and labeling remains the same, in that Minor wave 1 of Intermediate wave 3 completed at Friday’s low at 4438, with the Minor wave 2 correction possibly complete at Friday’s high at 4532.  However wave 2 may still be in force.  Should the ES turn and break back above the hourly  20 and 50 MA’s expectations would be for some acceleration to take hold as the market continues the wave 2 bounce.  Resistance comes in at 4500, 4514, 4525, and then 4536 which at this point would be expected to contain the move.   Once complete the ES should start to break below the moving averages as Minor wave 3 down begins.  This would be a larger ‘3 of 3’ type move and if this is the case expectations would be for acceleration to pick up to the downside.  Included on tonight’s update are Fibonacci extensions for a continuation of Minor wave 3.  The ES has support at 4478, 4468, 4445, 4410 to 4395, 4358, 4288, and then 4217.  Ultimately though if the larger Intermediate wave 3 is in force expectations would be for the ES to eventually break below 4100 and 4000 reaching lower support at 3990.